Date: Thu, February 13, 2025 | 05:18 AM GMT
The cryptocurrency market is showing strong signs of recovery after a brief dip following the latest CPI data release . Bitcoin (BTC) fell to $94K but has since bounced back to near $97K, reviving bullish sentiment across altcoins.
Following BTC’s lead, top altcoins, including Sei (SEI) and Pyth Network (PYTH), are gaining traction and posting noticeable gains as both tokens approach key resistance levels after a sharp 30% correction over the last month.
Source: Coinmarketcap
Both are breaking out of falling wedge patterns, a typically bullish structure that could lead to further upside.
SEI (SEI)
SEI is currently trading at $0.23 and is edging closer to a breakout from its falling wedge pattern. The token recently found support around $0.19, which aligns with the wedge’s lower boundary.
Sei (SEI)) Daily Chart/ Coinsprobe (Source: Tradingview)
A successful breakout and retest could push SEI toward its first resistance at $0.28, which aligns with the 25SMA. If it manages to clear this level, the next potential targets lie at $0.34 and $0.43, signaling a strong recovery
A move to these levels would represent a potential 45% gain from its current price. The MACD indicator is also hinting at a bullish crossover, indicating rising buying momentum.
Pyth Network (PYTH)
Similarly, PYTH is gaining strength, currently trading at $0.21. It recently found strong support at $0.16, which marks the lower boundary of its wedge pattern.
Pyth Network (PYTH) Daily Chart/ Coinsprobe (Source: Tradingview)
If PYTH successfully breaks above its wedge resistance and clears the $0.25 (25SMA) level, it could rally towards $0.28, potentially offering a 40% gain from its current price. Like SEI, the MACD is turning positive, further signaling a potential breakout.
What’s Next?
With both SEI and PYTH approaching key resistance levels, traders should watch for potential breakouts. If Bitcoin maintains its upward trend, it could fuel further rallies in altcoins.
However, broader market conditions, especially Ethereum (ETH) and Bitcoin’s dominance, will play a crucial role in determining whether SEI and PYTH can sustain their momentum.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct your own research before making investment decisions.
